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Last Updated: 04/18/2025

Magnifi Financial Home Equity Line of Credit

from Magnifi Financial

Last Updated: 04/18/2025

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Highlights

Credit Score Range

N/A

Amount Range

N/A

Maximum LTV

N/A

Minimum Draw

N/A

Loan Term (Years)

Up to 20

Magnifi Financial Home Equity Line of Credit Review

Magnifi Financial Home Equity Line of Credit is offered by Magnifi Financial , a credit union founded in 1939 and based in Melrose, MN. Magnifi Financial Home Equity Line of Credit are available in 50 states and Washington, DC.

Key Takeaways

Primary and secondary homes considered. Investment homes, such as rental properties, do not qualify for financing. However, Magnifi Financial Home Equity Line of Credit does offer financing for primary and secondary homes (e.g. vacation properties).
Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Magnifi Financial Home Equity Line of Credit.

Magnifi Financial Home Equity Line of Credit Pros & Cons

Pros

Cons

No prepayment penalty.
Available in all 50 states.

Charges an origination fee.

Magnifi Financial Home Equity Line of Credit FAQ

How much can you borrow with a HELOC?

HELOCs are lines of credit secured by your home. Once approved, you can access funds by check, phone, credit card, or online up to your credit limit.

Borrowers can apply for lines of credit of up to $500,000. The maximum amount depends on property value, existing mortgage balance, and creditworthiness.

Typically, borrowers with good credit can qualify for up to 85% of the property value, minus the balance on their first mortgage.

What are the terms for Magnifi Financial Home Equity Line of Credit?

HELOCs include a draw period followed by a repayment period. During the draw period, borrowers can access funds as needed up to the credit limit.

Magnifi Financial Home Equity Line of Credit offers home equity loans with a maximum term of 20 years and a draw period of up to 10 years.

Is there a minimum draw requirement?

No, there is no minimum draw requirement.

What fees does Magnifi Financial Home Equity Line of Credit charge for a HELOC?

Magnifi Financial Home Equity Line of Credit may charge an origination fee.

What types of property can you use as security for a HELOC with Magnifi Financial Home Equity Line of Credit?

Magnifi Financial may consider HELOCs secured by the following property types:

Primary residences
Secondary or vacation homes

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Headquarters

20 4th Ave SE

Melrose, MN 56352

(888) 330-8482

Visit Site

Hours of Operation

Sunday

Closed

Monday

8:00AM - 3:00PM

Tuesday

8:00AM - 3:00PM

Wednesday

8:00AM - 3:00PM

Thursday

8:00AM - 3:00PM

Friday

8:00AM - 3:00PM

Saturday

Closed

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SuperMoney Net Recommendation Score

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-1000+100

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